- Binance is facing more regulatory pressure.
- MicroStrategy and Other Top Firms Add BTC to Their Holdings.
- The blockchain game Axie has been rising and gaining a lot of public interest.
- Ethereum Formally Launched Eth2 Proposal dubbed as EIP-3675.
- Bitcoin is Back in the Game at $42K.
July has been a crazy month for the crypto space. From the issues faced by Binance to Axie’s rising popularity, we will talk about the significant things that happened this month.
Issues Faced by Binance Exchange
The crypto community welcomed the month with news about Barclay’s blocking customers’ debit and credit cards to make payments in Binance. The UK bank’s decision immediately on July 5, take effect following the U.K Financial Conduct Authority (FCA) announcement. FCA shared that Binance Markets Limited (BML) is not permitted to undertake any regulated activity in the UK.
However, the rule does not apply to foreign-based platforms. Binance clarified that BML is a separate legal entity and does not offer any products or services on Binance.com. Thus, the website is not affected by the FCA’s Monday ruling.
Meanwhile, the recent news is that the CEO and founder of the largest crypto exchange said he is willing to step down from leading Binance. This comes amid Binance facing more regulatory pressure.
It can be recalled that Cayman Islands Monetary Authority (CIMA) said Binance is not authorized to operate as a crypto exchange within the Cayman Islands. More so, some international regulators have asked whether the firm is compliant with local regulations.
Recently, Thai SEC filed a criminal accusation against Binance and Singapore’s central bank is checking on them too. Also, Japan’s Financial Services Agency informed that Binance is not registered in Japan, and lastly Malaysia’s Securities Commission said that Binance worked illegally in the country.
MicroStrategy and Other Top Firms Add BTC to Their Holdings
This month, Microstrategy, the famous mobile software firm known for its massive acquisition of Bitcoin, shared its second-quarter financial result in 2021. In this financial report, the digital asset or the BTC holdings of the company is one of the major topics discussed.
Michael J. Saylor, CEO of MicroStrategy explained, “We continue to be pleased by the results of the implementation of our digital asset strategy. Our latest capital raise allowed us to expand our digital holdings, which now exceed 105,000 bitcoins. Going forward, we intend to continue to deploy additional capital into our digital asset strategy.”
In retrospect, Saylor shares his piece on why Bitcoin is the ultimate answer to humanity’s quest for financial stability. Saylor tweets a video where he elaborates his point of view on the matter.
He specifies that Bitcoin is a digital property. More so, he says it is technically superior to all other forms of property. In a nutshell, Saylor says Bitcoin is demonetizing cash, equity, real estate, bonds, and gold.
Axie Infinity Makes Headlines
Blockchain game Axie Infinity is continuously making headlines. The Ethereum-based NFT blockchain gaming platform — Axie, has been rising and gaining a lot of public interest, especially crypto enthusiasts.
In fact, it is clearly showing Axie Infinity’s token rise in popularity when AXS went up by 45%this month and in just one night, the price of AXS set a new ATH. Axie Infinity is known for its Pokemon-inspired open-world game. Players can access the game via Android, iOS, Mac, and Windows.
Here, players can train, raise, and battle charming and impressive tokenized monsters known as ‘Axies’. The gaming platform saw increasing popularity right around the end of June 2021. Currently, the game is home to over 250,000 active daily players. Notably, the Axie sold for the highest price so far is recorded at 300 ETH. This estimates to be over $628,000 in today’s ETH price.
There is no doubt that the NFT industry is thriving. Fortunately, this success extends to the NFT gaming industry as well.
Ethereum Formally Launched Eth2 Proposal
A formal Ethereum Improvement Proposal ‘EIP-3675’ has been created for the coming Eth2 merge. This brings Ethereum one step closer to its highly anticipated Proof-of-Stake transition. Consensys researcher Mikhail Kalinin (mkalinin) created a pull request for EIP-3675 on Github, which formalize the chain merge as an improvement proposal.
According to developer Tim Beiko, the EIP has been slated for discussion during the Ethereum Core Devs Meeting on July 22.
Of note, Ethereum is currently on Proof-of-Work. The proposal would merge the Ethereum and Eth2 chains, transitioning the network’s consensus mechanism. The EIP also notes that no ‘safety nor liveness failures were detected’ since the launch of the Eth2 beacon chain last December 2020.
Bitcoin is Back in the Game at $42K
After a dramatic market crash that goes all the way down to the $28,000 level, Bitcoin has been nicely recovering and significantly showing bullish momentum. From breaking its previous $32,000 resistance level to breaking another level at $35,000. Bitcoin is without a doubt smashing one resistance to another.
Bitcoin is finally back in the game as it reached the $42,000 level at the end of July. Right now, the live Bitcoin price is $41,631.32 with a 24-hour trading volume of $23,551,370,758.
Since mid-June, the price of Bitcoin has been wavering between the $30,000 to $35,000 range. For the first time in 6 weeks, Bitcoin hit $39,000 and then $42,000. However, it doesn’t end there as the BTC/USD pair is likely to gain bullish momentum if it clears $42,200 and $42,500.